Woman loses INR 1.8 million in Wowcoin

The loss from investing in crypto coins are increasing day by day, one such case is of a Chennai based women, who lost INR 1.8 million ($27,000).

The women residing in Tamil Nadu state has filed a case against directors of Wow Digital Solutions Pvt Ltd on the pretext of selling Wow coin, which never existed.

Police took on the investigation on the direction of Madras High Court, which has asked the police to investigate the matter. On that order, Anna Nagar police registered a case under IPC Section 420 (cheating) against Padmaj Bommi Shetty Srinivasalu, Aarthi Anavaram Bommishetty, Clint Joseph Rodriques.

The women in her complaint said that hie Facebook friend D Mahesh had introduced her to Wowcoin and she was also included in the whatsapp group, where the activities about the coin was going on.

The company told her that the coin in the coming months will surpass even Bitcoin and on that she was told to invest in the coin, so that she could earn million in very short time.

Wow Digital opened a trading account in her name on a website (wowtrade.com) and claimed to show her how her investment was growing with every passing day.

But, when she did not got any return from the company, the complainant filed a police complain against the company.

Police on their part said that, we don’t know, whether she was aware that the government has asked citizens not to invest in virtual currencies.

CryptoSlate, a popular online destination for cryptocurrency investors and researchers, cautions against trading in Wowcoin and said proceed with caution when trading this (Wowcoin) coin.

The cryptocurrencie poses a threat to centralised financial systems that are integral to every government’s operations, Ilam Bharathi, a Madras high court lawyer said.

Bharathi added that cryptocurrencies exist in a digital format outside the reach of law enforcement agencies, making them almost impossible for the authorities to regulate.

However, the police is likely to transfer the case to the Central Crime Branch, a specialised unit that have cyber crime experts to probe the case of cheating.